Blog Posts Tagged with "fraud"

"The PCI system is less a system for securing customer card data than a system for raking in profits for the card companies via fines and penalties. Visa and MasterCard impose fines on merchants even when there is no fraud loss at all, simply because the fines are profitable...”

Cybercriminals go where the action is - they wait for websites to get popular and then register domain names based on popular mis-spellings. Once the typosquatter lures you to their site, they use all types of tricks to get you to give them your personal information...

Often merchants just sell your information outright to make revenue off the data they’ve collected. Usually this is reserved for more nefarious merchants, and sometimes it is done out of ignorance of their own policies. But make no mistake – it DOES happen...

Vladimir Zdorovenin and his son engaged in serial cyber crimes in Russia that targeted Americans and wrought havoc with their personal and financial information, using it to make phony purchases and to manipulate stock prices...

“The guidance is an important reinforcement of several critical ideas: Fraud losses undermine faith in our financial system. Fraud tactics evolve constantly and the tools that combat them have to evolve as well. The guidance provides a perspective..."

LIGATT (a.k.a. Greg Evans) is about to find out that once again the US government has said: “Hey, whatever happened to all that money he owes us?” Well that day has come and I do hope the government, being in such dire straights, comes after our little charlatan with both barrels...

"Trustwave found that that the thieves inserted malicious software or 'malware' into the credit and debit card processing systems used in Restaurant Depot stores. The malware collected card information as it was processed, stored it temporarily, and then sent it to a computer server in Russia..."

Carriers are not incentivized to secure their users accounts. SMS is really just an email sent to a phone over a provider that barely cares about security. 99% of SMS messages don't require security so don't expect the carriers to add any soon...

"Walker... withdrew money from a line of credit in the name of a trust that held an account at Farmers and Merchants. To cover up the scheme, Walker made interest payments on the money supposedly loaned to the trust. Walker will face a maximum sentence of 30 years in federal prison..."

As far back as I can remember, police have been warning of thieves who target cars in parking lots, smashing windows to steal shopping bags left in plain sight. Now the warnings are different: no longer so focused on crime in the physical world, but instead, on threats in the virtual world...

"Many executives have yet to seize upon the serious nature of the cybercrime threat. Cybercrime has emerged as a formidable threat, thanks to deeply determined, highly skilled, and well-organized cybercriminals, from nation states to hacktivists, from criminal gangs to lone-wolf perpetrators..."

Now, after five years of pushing standards out to merchants and retailers, a Verizon study has found that 79% of retailers are noncompliant. No matter how you slice it, retailers are a target and must employ multiple layers of fraud protection to thwart cyber criminals...

Dishonesty poses a challenge to banks and retailers in the form of theft. Theft is a big problem on the Internet, and any online business knows that they can’t afford to trust you, regardless of how honest you may be. The FFIEC recently instructed retailers and banks to enhance their security...

When merchants moved from catalogs to websites, IP addresses were used to track transactions. But bad guys figured out how to spoof them. Now we have a number of new technologies designed to fight credit card fraud. The most effective and widely implemented is device reputation...

“My first question is always to ask executives ‘do you really know how safe your own organization is?’ Some do reply confidently. Most do not. Fraud can happen anywhere, anytime, but it is relatively straightforward to deter or discover at an early stage with the right systems..."